Australians are most concerned about the continued cost of living pressures in 2023, new research has found. 7NEWS
Canstar’s 2022 Consumer Pulse Report surveyed more than 2000 people from across the country on their biggest financial fears, saving habits and homeownership.Watch the latest News on Channel 7 or stream for free onThe report found that cost of living expenses such as groceries, bills, petrol and electricity remain the biggest cause for concern heading into the new year.
More than two-thirds reported that the amount they spend on weekly grocery shopping has increased. Seven per cent however said their average spending has remained the same, but only because they are now buying less food. Of the 38 per cent of respondents who reported they’ve had to dip into their savings in 2022, 54 per cent cited cost of living as the culprit.
“The Reserve Bank expects inflation to peak at over 8 per cent in December, a number that if sustained could do severe damage to the economy and people’s living standards for quite a while to come,” Canstar’s finance expert Steve Mickenbecker said.
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